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El Salvador receives over $1.6 billion in investment, will the "Bitcoin City" be reopened after a two-year delay?

El Salvador receives over $1.6 billion in investment, will the "Bitcoin City" be reopened after a two-year delay?

BlockBeatsBlockBeats2024/08/13 12:00
By:BlockBeats

Turkish company Yilport Holding will invest $1.62 billion in two seaports in El Salvador, the largest private investment in the country’s history.

Original title: "El Salvador receives over $1.6 billion investment, "Bitcoin City" delayed for two years to be restarted soon?"
Original author: Ting, BlockTempo


After El Salvador officially listed Bitcoin as legal tender in September 2021, President Nayib Bukele actively promoted a number of Bitcoin-related policies, including the development of wallets, the launch of an investment citizenship program in December last year, and the investment of $1 million in Bitcoin or USDT can obtain a residence visa and citizenship, and seek to issue a $1 billion Bitcoin Volcano Bond.


Received $1.62 billion investment from a Turkish company


Against this backdrop, the Salvadoran government said on the 11th that Turkish company Yilport Holding will invest $1.62 billion in two seaports in El Salvador, which is also the largest private investment in the country's history. President Bugelei also said in a video shared on Monday:

"It will be a mixed-ownership company between Yilport Holding and El Salvador that will operate the two seaports for the next 50 years."


One of the participating ports is the Port of Acajutla, which handles most of the country's exports of coffee, sugar and balsamic vinegar salt from Peru. Another port is La Union, a site for the planned Bitcoin City, an inactive and neglected port.


El Salvador receives over $1.6 billion in investment, will the


Bitcoin City will be revived?


It is worth mentioning that Stacy Herbert, head of the El Salvador Bitcoin Office, retweeted Jose Valdez's tweet, which stated that Yilport Holding's investment of $1.62 billion will create "thousands of direct and indirect jobs" and "more investment in local infrastructure."


At the same time, Stacy Herbert also hinted that Yilport Holding’s investment is of great significance to Bitcoin City:


“This agreement is of great significance to the eastern region of El Salvador (near the future Bitcoin City) and will have a multi-faceted positive impact.”


Max Keiser, a member of the Bitcoin Office in El Salvador, directly tweeted that Yilport Holding will invest in Bitcoin City, and revealed that Qatar Investment is also in talks:


"El Salvador invests $1.6 billion in Bitcoin City infrastructure, the largest private investment in El Salvador's history: $1.6 billion


Yilport Holding will invest in Pacific Port Alliance and Bitcoin City, President Buglei's visit to Turkey was a great success!"


According to previous reports from the Dynamic Zone, Bitcoin City was first proposed in November 2021. The city will rely on geothermal power for electricity, residents will also be exempt from various taxes, and a huge Bitcoin symbol is planned to be built in the city center. However, after more than two years, Bitcoin City seems to have made no substantial progress. However, with Yilport Holding investing in ports around Bitcoin City, people's expectations for the recovery of Bitcoin City have increased.


Daily fixed investment has accumulated BTC worth $344 million


On the other hand, Buglei announced at the end of 2022 that El Salvador would continue to buy one Bitcoin every day until it became unaffordable to buy Bitcoin with fiat currency.


In order to facilitate observation of whether El Salvador has fulfilled its promise, the National Bitcoin Office of El Salvador announced on May 13, 2024 that it would cooperate with mempool to launch a website dedicated to tracking the Bitcoin reserves of the El Salvador government. According to the records of the website, the El Salvador government has indeed implemented a policy of daily fixed investment of 1 Bitcoin, and El Salvador currently holds 5840.76 BTC, worth about $344 million.


El Salvador receives over $1.6 billion in investment, will the

source:mempool


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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